PHILOSOPHY AND THEORY OF DEVELOPMENT

Name: ROMMEL U. SACRAMENTO Date: 10/14/2020

1. As humans, how can you escape from the slavery of consumerism? (balance your discussion with
the effort of making life easy, population growth and Individuals’ desire for material
possessions).
Escaping excessive consumption is not an easy battle. If it were, it would be
done more often… myself included. But it is a battle worth fighting because it robs us of
life far more than we realize. Humans are indeed naturally consumers. We consume with
our needs and wants in life because we reward ourselves for working. However, I
realized that excessive consumption promises happiness, but it will never deliver. True
life must be found somewhere else. Literally speaking, we consume because we live but
we should always remember that humans consume with limitations and live with their
budget.
To escape from excessive consumerism is to work hard. Consumerism becomes
excessive when we go beyond what is needed. When we begin consuming more than is
needed, it will become borderless. Accordingly, external factors are to be considered, one
is advertisements where it reshapes our desires around material possessions. This is real
and normal for human development. As we grow the more we consume because of the
demands.
When there is excessive consumption, it leads to bigger responsibilities and
it results in a desire for more- a desire which the world offers around us. Yes, it is true the
we consume much but we should budget for the future use like medical, education, etc.
And it slowly begins robbing us of life. Consumption is needed, but
excessive consumption threatens the future. We have the right to enjoy life by
consumption but look at the negative effect. Consume only if necessary.

2. Posit your argument (either pro-argument or counter-argument, or both) on the criticisms on

NEO-CLASSICAL THEORY vis-a-vis Philippine struggle in overcoming underdevelopment.

Philippines is still on the stage of developing. On the framework of neoclassical

economics which focuses on supply and demand as the driving forces behind the
production, pricing, and consumption of goods and services. Neoclassical economists
argue that the consumer's perception of a product's value is the driving factor in its price.
One of the key early assumptions of neoclassical economics is that utility to consumers,
not the cost of production, is the most important factor in determining the value of a
product or service. Finally, this economic theory states that competition leads to an
efficient allocation of resources within an economy. The forces of supply and demand
create market equilibrium. This posits an important role in the Philippines since it is in
the stage of developing. However, its critics believe that the neoclassical approach cannot
accurately describe actual economies. They maintain that the assumption that consumers
behave rationally in making choices ignores the vulnerability of human nature to
 emotional responses. Therefore, Philippines as underdeveloped country would struggle if
following the neoclassical theory since humans are really affected.

3. Even with the emergence of technological breakthroughs, will the CLASSICAL MODEL by
Ricardo and Malthus remain true notwithstanding the criticisms posed against it? Why and why
not?
The classical perspectives on economic growth was a central feature of the work
of the classical economists. Despite the speculations, they must be regarded as the main
precursors of modern growth theory. Specifically, they were confronted with the facts of
economic and social changes taking place in contemporary English society as well as in
previous historical periods. With this classical model it is timely and relevant in the
growth and development of the economy. In particular, Ricardo's and Malthus' different
views on the role of consumption expenditure in promoting growth depend on
“acceptance” of Ricardo while on refusal of Malthus on the law of markets and on
Ricardo's exclusion (Malthus' inclusion) of a non-commodity option such as leisure from
the range of available consumption alternatives. Classical economists assume that the
most important factor in a product's price is its cost of production. It can still
notwithstanding the criticisms against it and it would be of great help on the emergence
of technological breakthroughs. Still the human resources and powers are need. A
technology cannot replace humans in the industry. Therefore, it still applies.

4. Are Industrial Revolution 4.0 and Civilization indices of human development? Why and why
not?
Emerging technology is already part of the civilization and human development.
Are the technologies that surround us tools that we can identify, grasp and consciously
use to improve our lives? Or are they more than that: powerful objects and enablers that
influence our perception of the world, change our behavior and affect what it means to be
human. Technologies are emerging and affecting our lives in ways that indicate we are at
the beginning of a Fourth Industrial Revolution, a new era that builds and extends the
impact of digitization in new and unanticipated ways. It is therefore worthwhile taking
some time to consider exactly what kind of shifts we are experiencing and how we might,
collectively and individually, ensure that it creates benefits for the many, rather than the
few. The Fourth Industrial Revolution can be described as the advent of “cyber-physical
systems” involving entirely new capabilities for people and machines. While these
capabilities are reliant on the technologies and infrastructure of the Third Industrial
Revolution, the Fourth Industrial Revolution represents entirely new ways in which
technology becomes embedded within societies and even our human bodies. Examples
include genome editing, new forms of machine intelligence, breakthrough materials and
approaches to governance that rely on cryptographic methods such as the blockchain.
Thus, this is the trend now and if we look on the context. Indeed, these indices human
development because it is already part of the growth and development.